Agriculture News
Annual Iowa State University survey finds farmland values rose in first half 2023, plateaued by end of year.
Global carryover for corn and soybeans each surpassed pre-report expectations by 1.8 MMT and 1.5 MMT, respectively, largely neutralizing the lower-than-expected U.S. corn carryover.
Corn, soybeans and wheat held in relatively tight trading ranges overnight ahead of USDA’s December crop reports later this morning.
Corn and soybeans are expected to open lower, with wheat likely to see a mildly varied start (winter wheat markets lower, spring wheat higher) to daytime trade.
Corn sales during week ended Nov. 30 totaled 1.3 MMT, while shipments reached a marketing-year high. Soymeal and soyoil shipments during the week also notched marketing-year highs.
Early seller interest faded overnight, with corn, soybeans and wheat all trading solidly higher early this morning.
SRW wheat basis firmed despite the surge in cash price.
Corn and wheat extended their recent rallies overnight, while soybeans firmed amid a corrective rebound.
November’s 12-point rise in the Current Conditions Index to a reading of 113 was primarily responsible for this month’s sentiment improvement as the Index of Future Expectations only improved by 2 points.
Corn, soybeans and wheat traded on both sides of unchanged while holding in tight ranges during the overnight session.